TB PR Qu. 11-197 (Algo) The income statement, balance sheets, and additional... The income statement, balance sheets, and additional information for Peterson Incorporated are provided PETERSON INCORPORATED Income Statement For the Year Ended December 31, 2024 Betales Cain on sale of land Total revenues Cost of goods sold Operating expens Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets Cash Accounts receivable Investory Prepaid rent Long-term asset Land Investments Equipment $2,530,000 3,500 2,533,500 $1,615,000 600,000 26,000 27,000 73,000 2,349,000 $194,500 PETERSON INCORPORATED Balance Sheets December 31 2026 2023 $265,120 71,700 149,500 $206,940 87,000 138,000 4,300 6,360 100,000 100,000 211,500 263,000 236,000 213,000 (133,500) (106,500) $593,500 3907,800 Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable I payable Long-term liabilities Notes payable Stockholders' equitys Common atock Retained earnings Total liabilities and stockholders equity Additional Information for 2024: 1. Purchased additional investment in stocks for $88,000. $31,500 4,300 22,200 $91,000 3,300 25,500 251,000 220,000 383,000 330,000 303,500 230,000 1993,500 5907,00 2. Sold land for $55,000. The land originally was purchased for $51,500, resulting in a $3,500 gain being recorded at the time of the sale. 3. Purchased $23,000 in equipment by issuing a $23,000 long-term note payable to the seller. No cash was exchanged in the transaction 4. Declared and paid a cash dividend of $113,000. 5. Issued common stock for $53,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign) Cash Flows from Operating Active PETERSON INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities